| 2023 | |||
| 2024 |
(restated)
2,3
|
||
| Notes | £’000 | £’000 | |
| Continuing operations | |||
Revenue |
2,3 |
||
Cost of sales |
( |
( |
|
Gross profit |
|||
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Share of post-tax results of joint ventures |
|||
|
Adjusted
1
operating profit
|
2 |
||
Adjusting items |
5 |
( |
( |
Operating loss |
2,4 |
( |
( |
Finance income |
7 |
||
Finance costs |
7 |
( |
( |
|
Adjusted
1
profit before taxation
|
2 |
||
Adjusting items |
5 |
( |
( |
Loss before taxation |
2 |
( |
( |
Taxation |
8 |
( |
|
|
Adjusted
1
profit for the year from continuing operations
|
|||
Adjusting items |
5 |
( |
( |
Loss for the year from continuing operations |
( |
( |
|
| Discontinued operations | |||
(Loss)/profit for the year from discontinued operations (including held for sale) |
9 |
( |
|
Loss for the year |
( |
( |
|
| Loss attributable to: | |||
Equity shareholders |
( |
( |
|
|
Non-controlling interests
4
|
( |
||
( |
( |
||
| (Loss)/earnings per ordinary share (pence) | |||
| Basic | |||
Loss from continuing operations |
11 |
( |
( |
(Loss)/profit from discontinued operations |
11 |
( |
|
11 |
( |
( |
|
| Diluted | |||
Loss from continuing operations |
11 |
( |
( |
(Loss)/profit from discontinued operations |
11 |
( |
|
11 |
( |
( |
| 2023 | |||
| 2024 |
(restated)
2
|
||
| £’000 | £’000 | ||
Loss for the year |
( |
( |
|
| Other comprehensive (expense)/income | |||
| Items that may be reclassified subsequently to profit or loss: | |||
Foreign exchange translation losses arising on translation of overseas subsidiaries |
( |
( |
|
| Items that will not be reclassified subsequently to profit or loss: | |||
| Actuarial losses on retirement benefit asset: | |||
– Group |
28 |
( |
( |
– Share of associate (included within disposal group) |
( |
||
| Taxation credit on actuarial losses on retirement benefit asset: | |||
– Group |
20 |
||
– Share of associate (included within disposal group) |
|||
Other comprehensive expense for the year, net of tax |
( |
( |
|
Total comprehensive expense for the year |
( |
( |
|
| Total comprehensive expense attributable to: | |||
Equity shareholders |
( |
( |
|
|
Non-controlling interests
1
|
( |
||
( |
( |
||
| Total comprehensive expense attributable to: | |||
Continuing operations |
( |
( |
|
Discontinued operations |
( |
( |
|
( |
( |
Group |
Company |
|||||
| 2023 | 2022 | 2023 | ||||
| 2024 |
(restated)
1
|
(restated)
1
|
2024 |
(restated)
2
|
||
| Notes | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Assets | ||||||
| Non-current assets | ||||||
Goodwill |
12 |
– |
– |
|||
Other intangible assets |
12 |
– |
– |
|||
Property, plant and equipment |
13 |
62 |
86 |
|||
Right-of-use assets |
14 |
164 |
281 |
|||
Investment property |
15 |
– |
– |
|||
Investment in subsidiary undertakings |
16,19 |
20,515 |
34,757 |
|||
Interest in joint ventures |
16,18 |
172 |
172 |
|||
Other investments |
16 |
– |
– |
|||
Contract assets |
20 |
|||||
| Financial assets | ||||||
– Non-current receivables |
23 |
32,389 |
32,797 |
|||
Retirement benefit asset |
28 |
1,807 |
5,316 |
|||
Deferred tax asset |
20 |
721 |
– |
|||
55,830 |
73,409 |
|||||
| Current assets | ||||||
Inventories |
21 |
– |
– |
|||
Contract assets |
22 |
– |
– |
|||
Trade and other receivables |
23 |
5,479 |
9,605 |
|||
Current tax assets |
130 |
2,063 |
||||
| Financial assets | ||||||
– Cash and cash equivalents |
24 |
7,607 |
13,443 |
|||
|
Assets included in disposal groups and other
assets classified as held for sale
|
9 |
12,908 |
– |
|||
26,124 |
25,111 |
|||||
Total assets |
81,954 |
98,520 |
Group |
Company |
|||||
| 2023 | 2022 | |||||
| 2024 |
(restated)
1
|
(restated)
1
|
2024 | 2023 | ||
| Notes | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Liabilities | ||||||
| Current liabilities | ||||||
| Financial liabilities | ||||||
– Borrowings |
26 |
( |
( |
( |
(1,580) |
(2,125) |
– Leases |
14 |
( |
( |
( |
(49) |
(126) |
– Derivative financial instruments |
27 |
( |
( |
– |
– |
|
Contract liabilities |
22 |
( |
( |
– |
– |
|
Trade and other payables |
25 |
( |
( |
( |
(3,381) |
(3,392) |
Current tax liabilities |
( |
( |
– |
– |
||
|
Liabilities included in disposal groups classified as
held for sale
|
9 |
( |
( |
– |
– |
|
( |
( |
( |
(5,010) |
(5,643) |
||
| Non-current liabilities | ||||||
| Financial liabilities | ||||||
– Borrowings |
26 |
( |
( |
( |
(2,913) |
(4,697) |
– Leases |
14 |
( |
( |
( |
(118) |
(167) |
Deferred tax liabilities |
20 |
( |
( |
( |
– |
(855) |
Other non-current liabilities |
25 |
( |
( |
– |
– |
|
( |
( |
( |
(3,031) |
(5,719) |
||
Total liabilities |
( |
( |
( |
(8,041) |
(11,362) |
|
Net assets |
73,913 |
87,158 | ||||
| Shareholders’ equity | ||||||
Share capital |
29 |
2,361 |
2,354 |
|||
Share premium |
10,945 |
10,664 |
||||
Other reserves |
324 |
264 |
||||
| Retained earnings: | ||||||
At the beginning of the year |
73,876 |
51,296 |
||||
(Loss)/profit attributable to equity shareholders |
( |
( |
( 7, 354) |
28,972 |
||
Other changes in retained earnings |
( |
( |
( |
(6,239) |
(6,392) |
|
60,283 |
73,876 |
|||||
Total shareholders' equity |
73,913 |
87,158 | ||||
Non-controlling interests |
– |
– |
||||
Total equity |
73,913 |
87,1 5 8 |
| Treasury | Equity | Foreign | Total | Non- | ||||||
| Share | Share | Share | Compensation | Exchange | Other | Retained | Shareholders’ | controlling | Total | |
| Capital | Premium | Reserve | Reserve | Reserve | Reserve | Earnings | Equity | Interests | Equity | |
| £’000 | £’000 | £'000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
At 4 September 2022 |
||||||||||
Loss for the year |
( |
( |
( |
( |
||||||
| Other comprehensive | ||||||||||
expense |
( |
( |
( |
( |
||||||
| Total comprehensive | ||||||||||
expense |
( |
( |
( |
( |
( |
|||||
Dividends paid |
( |
( |
( |
|||||||
|
Equity-settled share-
based payment
|
||||||||||
transactions |
( |
( |
( |
( |
||||||
| Excess deferred taxation | ||||||||||
| on share-based | ||||||||||
payments |
( |
( |
( |
|||||||
Allotment of shares |
||||||||||
Sale of disposal group |
( |
( |
||||||||
Transfer |
( |
( |
||||||||
At 2 September 2023 |
|
|||||||||
At 3 September 2023 |
|
|||||||||
Loss for the year |
( |
( |
( |
|||||||
| Other comprehensive | ||||||||||
expense |
( |
( |
( |
( |
||||||
| Total comprehensive | ||||||||||
expense |
( |
( |
( |
( |
||||||
Dividends paid |
( |
( |
( |
|||||||
|
Equity-settled share-
based payment
|
||||||||||
transactions |
||||||||||
| Excess deferred taxation | ||||||||||
| on share-based | ||||||||||
payments |
||||||||||
Allotment of shares |
||||||||||
| Purchase of own shares | ||||||||||
held in trust |
( |
( |
( |
|||||||
Transfer |
( |
( |
||||||||
At 31 August 2024 |
Group |
Company |
||||
| 2023 | 2023 | ||||
| 2024 |
(restated)
1,2
|
2024 |
(restated)
2
|
||
| Notes | £’000 | £’000 | £’000 | £’000 | |
| Cash flows from operating activities | |||||
Cash generated from/(used in) continuing operations |
31 |
( |
(6,013) |
( 7,7 3 2) |
|
Interest received |
2,177 |
1,991 |
|||
Interest paid |
( |
( |
(434) |
(474) |
|
Tax received/(paid) |
( |
2,696 |
522 |
||
|
Net cash generated from/(used in) operating activities in
continuing operations
|
( |
(1,574) |
(5,693) |
||
| Net cash generated from operating activities in discontinued | |||||
operations |
– |
– |
|||
Net cash generated from/(used in) operating activities |
( |
(1,574) |
(5,693) |
||
| Cash flows from investing activities | |||||
Sale of disposal group (net of cash disposed) |
4,000 |
25,910 |
|||
Dividends received from subsidiaries |
– |
3,957 |
|||
New loans to subsidiaries |
(1,271) |
(3,675) |
|||
Repayment of loans to subsidiaries |
425 |
2,176 |
|||
Dividends received from joint ventures |
802 |
481 |
|||
Purchase of intangible assets |
( |
( |
– |
– |
|
Proceeds from sale of property, plant and equipment |
– |
– |
|||
Purchase of property, plant and equipment |
( |
( |
(8) |
(28) |
|
Proceeds from sale of investment property |
– |
– |
|||
|
Net cash generated from investing activities in
continuing operations
|
3,948 |
28,821 |
|||
Net cash used in investing activities in discontinued operations |
( |
( |
– |
– |
|
Net cash generated from investing activities |
3,948 |
28,821 |
|||
| Cash flows from financing activities | |||||
Proceeds from issue of ordinary share capital |
29 |
288 |
167 |
||
Purchase of own shares held in trust |
( |
(74) |
– |
||
New financing and drawdowns on RCF |
– |
4,741 |
|||
Repayment of RCF drawdowns |
( |
( |
(1,816) |
(21,741) |
|
Lease principal repayments |
( |
( |
(61) |
(123) |
|
Repayment of borrowings |
( |
( |
– |
(2,400) |
|
Receipt of loans from subsidiaries |
– |
2,500 |
|||
Repayment of loans from subsidiaries |
(518) |
(600) |
|||
Dividends paid to shareholders |
10 |
( |
( |
(6,006) |
(4,889) |
Net cash used in financing activities in continuing operations |
( |
( |
(8,187) |
(22,345) |
|
Net cash used in financing activities in discontinued operations |
( |
( |
– |
– |
|
Net cash used in financing activities |
( |
( |
(8,187) |
(22,345) |
|
Net (decrease)/increase in cash and cash equivalents |
( |
( |
(5,813) |
783 |
|
Cash and cash equivalents at beginning of the year |
13,443 |
12,726 |
|||
Exchange differences on cash and cash equivalents |
( |
( |
(23) |
(66) |
|
Cash and cash equivalents at end of the year |
24 |
7,6 07 |
13,443 |
| Continuing | Discontinued | |||
| Agriculture | Central | Group | operations | |
| £’000 | £’000 | £’000 | £’000 | |
Total segment revenue
|
75,701
|
–
|
75,701 |
72,320
|
Inter-segment revenue
|
–
|
–
|
–
|
(2)
|
Revenue from external customers
|
75,701
|
–
|
75,701
|
72,318
|
|
Adjusted
1
EBITDA
2
|
5,320
|
(2,868)
|
2,452
|
9,298
|
|
Depreciation, amortisation and profit/(loss) on disposal of
non-current assets
|
(1,503)
|
(155)
|
(1,658)
|
(2,599)
|
Share of post-tax results of joint ventures
|
1,374
|
–
|
1,374
|
–
|
|
Adjusted
1
operating profit/(loss)
|
5,191
|
(3,023)
|
2,168
|
6,699
|
Adjusting items (note 5)
|
(4,488)
|
(4,475)
|
(8,963)
|
(5,663)
|
Operating profit/(loss)
|
703
|
(7,498)
|
(6,795)
|
1,036
|
Finance income
|
1,013
|
102
|
||
Finance costs
|
(681)
|
(765)
|
||
|
Adjusted
1
profit before taxation
|
2,500
|
6,036
|
||
Adjusting items (note 5)
|
(8,963)
|
(5,663)
|
||
(Loss)/profit before taxation
|
(6,463)
|
373
|
||
Taxation of discontinued operations
|
(1,604)
|
|||
Loss for the year from discontinued operations (note 9)
|
(1,231)
|
| Continuing | Discontinued | ||||
| Agriculture | Central | Group | operations | Total Group | |
| £’000 | £’000 | £’000 | £’000 | £’000 | |
Gross assets
|
48,210
|
13,933
|
62,143
|
81,661 |
143,804
|
Gross liabilities
|
(11,460)
|
(5,662) |
(17, 1 22) |
(31,748) |
(48,870)
|
Intangible asset additions (note 12)
|
8
|
–
|
8
|
547
|
555
|
Property, plant and equipment additions (note 13)
|
1,153
|
8
|
1,161
|
2,989
|
4,150
|
Right-of-use asset additions (note 14)
|
102
|
167
|
269
|
3,199
|
3,468
|
| Continuing | Discontinued | |||
| Agriculture | Central | Group | operations | |
| Restated: | £’000 | £’000 | £’000 | £’000 |
Total segment revenue
|
83,135
|
–
|
83,135 |
115,558
|
Inter-segment revenue
|
(1,320)
|
–
|
(1,320)
|
(36)
|
Revenue from external customers
|
81,815
|
–
|
81,815 |
115,522
|
|
Adjusted
1
EBITDA
2
|
6,143
|
(2,850)
|
3,293
|
5,831
|
|
Depreciation, amortisation and profit/(loss) on disposal of
non-current assets
|
(1,763)
|
(126)
|
(1,889)
|
(2,547)
|
Share of post-tax results of associate and joint ventures
|
1,441
|
–
|
1,441
|
466
|
|
Adjusted
1
operating profit/(loss)
|
5,821
|
(2,976)
|
2,845
|
3,750
|
Adjusting items (note 5)
|
(3,315)
|
(401)
|
(3,716)
|
(2,280)
|
Operating profit/(loss)
|
2,506
|
(3,377)
|
(871)
|
1,470
|
Finance income
|
814
|
62
|
||
Finance costs
|
(715)
|
(791)
|
||
|
Adjusted
1
profit before taxation
|
2,944
|
3,021
|
||
Adjusting items (note 5)
|
(3,716)
|
(2,280)
|
||
(Loss)/profit before taxation
|
(772)
|
741
|
||
Taxation of discontinued operations
|
(658)
|
|||
Profit for the year from discontinued operations (note 9)
|
83
|
| Continuing | Discontinued | ||||
| Agriculture | Central | Group | operations | Total Group | |
| £’000 | £’000 | £’000 | £'000 | £’000 | |
Gross assets
|
53,925
|
29,341
|
83,266
|
79,057 |
162,323
|
Gross liabilities
|
(16,004)
|
(9,051) |
(25,055) |
(29,393) |
(54,448)
|
Intangible asset additions (note 12)
|
2
|
–
|
2
|
187
|
189
|
Property, plant and equipment additions (note 13)
|
1,997
|
28
|
2,025
|
1,127
|
3,152
|
Right-of-use asset additions (note 14)
|
184
|
72
|
256
|
303
|
559
|
2024
|
2023 (restated)
|
|||
| Continuing | Discontinued | Continuing | Discontinued | |
| operations | operations | operations | operations | |
| £’000 | £’000 | £’000 | £’000 | |
UK
|
32,032
|
35,490
|
30,215
|
83,892
|
USA
|
37,529
|
19,946
|
45,676
|
21,966
|
Germany
|
–
|
16,882
|
–
|
9,664
|
Republic of Ireland
|
4,366
|
–
|
4,162
|
–
|
New Zealand
|
1,774
|
–
|
1,762
|
–
|
75,701
|
72,318
|
81,815
|
115,522
|
2024
|
2023
|
|||||||||||
| Republic | New | Republic | New | |||||||||
| UK | USA | Germany | of Ireland | Zealand | Total | UK | USA | Germany | of Ireland | Zealand | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Goodwill
|
2,068
|
–
|
–
|
–
|
– |
2,068 |
6,478 |
8,674 |
4,009
|
–
|
– |
19,161
|
|
Other intangible
assets
|
– |
32
|
–
|
–
|
– |
32 |
1,870 |
703 |
745
|
–
|
– |
3,318
|
| Property, plant | ||||||||||||
and equipment |
4,089 |
5,750
|
–
|
–
|
61 |
9,900 |
12,520 |
10,230 |
7,1 55
|
–
|
45 |
29,950
|
| Right-of-use | ||||||||||||
assets
|
643
|
–
|
–
|
13
|
– |
656 |
6,476 |
241 |
580 |
26
|
– |
7,323
|
| Investment | ||||||||||||
property
|
316
|
–
|
–
|
–
|
– |
316 |
2,640
|
–
|
–
|
–
|
– |
2,640
|
| Interest in joint | ||||||||||||
ventures
|
52 |
4,372 |
1,864
|
–
|
– |
6,288
|
53 |
3,851 |
2,197
|
–
|
– |
6,101
|
Other investments |
5
|
21
|
–
|
–
|
– |
26
|
5 |
22
|
–
|
–
|
–
|
27
|
| Non-current | ||||||||||||
receivables
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
21
|
–
|
–
|
–
|
21
|
7,173 |
10,175 |
1,864
|
13
|
61 |
19,286 |
30,042 |
23,742 |
14,686 |
26
|
45 |
68,541
|
2024
|
2023 (restated)
|
|||
| Continuing | Discontinued | Continuing | Discontinued | |
| operations | operations | operations | operations | |
| Timing of revenue recognition | £’000 | £’000 | £’000 | £’000 |
Over time
|
–
|
39,249
|
–
|
29,050
|
At a point in time
|
75,701
|
33,069
|
81,815
|
86,472
|
75,701
|
72,318
|
81,815
|
115,522
|
| 2027 | ||||
| 2025 | 2026 | onwards | Total | |
| £’000 | £’000 | £’000 | £’000 | |
| Total transaction price allocated to the remaining | ||||
performance obligations
|
37,956
|
8,145
|
7,523
|
53,624
|
| 2026 | ||||
| 2024 | 2025 | onwards | Total | |
| £’000 | £’000 | £’000 | £’000 | |
| Total transaction price allocated to the remaining | ||||
performance obligations
|
43,711
|
11,523
|
4,520
|
59,754
|
2024
|
2023 (restated)
|
|||
| Continuing | Discontinued | Continuing | Discontinued | |
| operations | operations | operations | operations | |
| £’000 | £’000 | £’000 | £’000 | |
| Group operating loss is stated after (crediting)/charging: | ||||
Amortisation of grants
|
–
|
(16)
|
–
|
(5)
|
Loss/(profit) on disposal of property, plant and equipment
|
9
|
1
|
(88)
|
65
|
(Profit)/loss on disposal of right-of-use leases
|
(13)
|
–
|
3
|
1
|
Profit on disposal of investment property
|
(154)
|
–
|
–
|
–
|
Depreciation of property, plant and equipment
|
1,264
|
1,567
|
1,515
|
1,508
|
Depreciation of right-of-use assets
|
327
|
984
|
387
|
921
|
Depreciation of owned investment property
|
67
|
–
|
67
|
–
|
Amortisation of intangible assets
|
93
|
493
|
493
|
511
|
Amounts written off goodwill
|
19
|
–
|
–
|
–
|
Goodwill and other intangible assets impairment
|
210
|
–
|
2,019
|
1,824
|
Impairment of property, plant and equipment
|
1,906
|
–
|
–
|
–
|
Impairment of right-of-use assets
|
63
|
–
|
–
|
–
|
Foreign exchange losses/(gains)
|
59
|
21
|
255
|
(3)
|
Derivative financial instruments gains
|
–
|
(4)
|
–
|
(58)
|
Research and development expense
|
116
|
810
|
82
|
613
|
| Auditors’ remuneration: | ||||
Audit services (Company £25,000; 2023: £19,000)
|
125
|
–
|
100
|
–
|
| The auditing of accounts of subsidiaries of the Company | ||||
pursuant to legislation (including overseas)
|
459
|
475
|
358
|
500
|
Total audit services
|
584
|
475
|
458
|
500
|
| Included within Group operating loss is the following in respect | ||||
| of investment property leased to, and occupied by, external parties: | ||||
Rental income
|
(430)
|
–
|
(365)
|
–
|
Operating expenses
|
352
|
–
|
371
|
–
|
(78)
|
–
|
6
|
–
|
2024
|
2023 (restated)
|
|||
| Continuing | Discontinued | Continuing | Discontinued | |
| operations | operations | operations | operations | |
| £’000 | £’000 | £’000 | £’000 | |
Amortisation of acquired intangible assets (i)
|
89
|
446
|
488
|
459
|
Restructuring/closure costs (ii)
|
2,132
|
–
|
607
|
–
|
| Loss/(profit) on fair value measurement less costs to sell and impairment | ||||
of disposal group assets (iii)
|
720
|
5,217
|
–
|
(3)
|
Cloud configuration and customisation costs (iv)
|
813
|
–
|
602
|
–
|
Costs related to pension scheme buy-in (v)
|
284
|
–
|
–
|
–
|
Pension past service costs (vi)
|
2,900
|
–
|
–
|
–
|
Profit on disposal of investment property (vii)
|
(154)
|
–
|
–
|
–
|
Goodwill and other intangible assets impairment (viii)
|
210
|
–
|
2,019
|
1,824
|
Property, plant and equipment and right-of-use assets impairment (ix)
|
1,969
|
–
|
–
|
–
|
Included in profit/(loss) before taxation
|
8,963
|
5,663
|
3,716
|
2,280
|
Taxation effect of the above adjusting items
|
(2,013)
|
(211)
|
(448)
|
(111)
|
Included in profit/(loss) for the year
|
6,950
|
5,452
|
3,268
|
2,169
|
| 2024 | 2023 | |
| £’000 | £’000 | |
Wages and salaries
|
33,323
|
35,018
|
Social security costs
|
3,633
|
3,736
|
Pension costs
|
1,582
|
1,818
|
Staff costs before share-based payments
|
38,538
|
40,572
|
Share-based payments
|
358
|
(92)
|
38,896 |
40,480
|
| 2024 | 2023 | |
| Number | Number | |
Sales, office and management
|
269
|
679
|
Manufacture and distribution
|
375
|
530
|
1,209
|
| 2024 | 2023 | |
| £’000 | £’000 | |
|
Aggregate Directors’ remuneration
1
|
1,293
|
913
|
Aggregate social security costs
|
184
|
114
|
|
Aggregate pension contributions
2
|
28
|
12
|
1,505
|
1,039
|
2024
|
2023 (restated)
|
|||
| Continuing | Discontinued | Continuing | Discontinued | |
| operations | operations | operations | operations | |
| £’000 | £’000 | £’000 | £’000 | |
| Finance income | ||||
Bank interest
|
651
|
96
|
494
|
58
|
| Net interest on the net defined benefit retirement asset | ||||
(note 28)
|
280
|
–
|
312
|
–
|
Other interest
|
82
|
6
|
8
|
4
|
Total finance income
|
1,013
|
102
|
814
|
62
|
| Finance costs | ||||
Interest payable on bank overdrafts
|
(223)
|
(447)
|
(217)
|
(332)
|
Interest payable on bank loans and other borrowings
|
(425)
|
(26)
|
(466)
|
(178)
|
Interest payable on leases
|
(33)
|
(229)
|
(32)
|
(223)
|
Other interest
|
–
|
(63)
|
–
|
(58)
|
Total finance costs
|
(681)
|
(765)
|
(715)
|
(791) |
2024
|
2023 (restated)
|
|||
| Continuing | Discontinued | Continuing | Discontinued | |
| operations | operations | operations | operations | |
| £’000 | £’000 | £’000 | £’000 | |
| Current tax: | ||||
| UK corporation tax | ||||
Current year
|
(288)
|
263
|
(629)
|
286
|
Adjustment in respect of prior years
|
(71)
|
30
|
(172)
|
188
|
| Foreign tax | ||||
Current year
|
397
|
1,028
|
498
|
286
|
Adjustment in respect of prior years
|
11
|
(13)
|
(23)
|
(308)
|
Group current tax
|
49
|
1,308
|
(326)
|
452
|
| Deferred tax: | ||||
| Origination and reversal of timing differences | ||||
Current year
|
(2,083)
|
384
|
51
|
120
|
Adjustment in respect of prior years
|
60
|
(88)
|
347
|
86
|
Group deferred tax (note 20)
|
(2,023)
|
296
|
398
|
206
|
Tax (credit)/charge for the year
|
(1,974)
|
1,604
|
72
|
658
|
2024
|
2023 (restated)
|
|||
| Continuing | Discontinued | Continuing | Discontinued | |
| operations | operations | operations | operations | |
| £’000 | £’000 | £’000 | £’000 | |
(Loss)/profit before taxation
|
(6,463)
|
373
|
(772)
|
741
|
Tax at 25.0% (2023: 21.5%)
|
(1,616)
|
93
|
(166)
|
159
|
| Effects of: | ||||
Tax effect of share of results of associate and joint ventures
|
(344)
|
–
|
(310)
|
(100)
|
| Tax effect of expenses that are not allowable in determining | ||||
taxable profit
|
270
|
1,368
|
583
|
587
|
Tax effect of non-taxable income
|
(362)
|
(81)
|
(276)
|
(142)
|
Effects of different tax rates of foreign subsidiaries
|
(42)
|
111
|
(41)
|
48
|
Effects of deferred tax rates
|
–
|
(24)
|
(21)
|
(13)
|
Unrecognised deferred tax on losses
|
78
|
208
|
151
|
153
|
Withholding taxes suffered
|
42
|
–
|
–
|
–
|
Adjustment in respect of prior years
|
–
|
(71)
|
152
|
(34)
|
Total tax (credit)/charge for the year
|
(1,974)
|
1,604
|
72
|
658
|
| 2023 | ||
| 2024 | (restated) | |
| £’000 | £’000 | |
Revenue
|
72,318
|
115,522
|
Expenses
|
(66,893)
|
(115,250)
|
5,425
|
272
|
|
Share of post-tax results of associate
|
–
|
378
|
Share of post-tax results of joint venture
|
–
|
88
|
Profit before taxation of discontinued operations
|
5,425
|
738
|
Taxation (note 8)
|
(1,668)
|
(658)
|
Profit after taxation of discontinued operations
|
3,757
|
80
|
Pre-taxation (loss)/gain recognised on the measurement to fair value less costs to sell
|
(5,052)
|
3
|
Taxation (note 8)
|
64
|
–
|
After taxation (loss)/gain recognised on the measurement to fair value less costs to sell
|
(4,988)
|
3
|
(Loss)/profit for the year from discontinued operations
|
(1,231)
|
83
|
| Total | |
| Group | £’000 |
| Assets | |
Goodwill
|
16,682
|
Other intangible assets
|
2,726
|
Property, plant and equipment
|
19,209
|
Right-of-use assets
|
8,835
|
Investment property
|
2,229
|
Non-current receivables
|
20
|
Deferred tax asset
|
357
|
Inventories
|
11,203
|
Contract assets
|
9,220
|
Trade and other receivables
|
12,906
|
Current tax assets
|
2,194
|
Cash and cash equivalents
|
4,802
|
Impairment under value in use methodology
|
(3,159)
|
Loss on fair value measurement less costs to sell
|
(1,561)
|
Total assets
|
85,663
|
| Liabilities | |
Borrowings
|
(8,326)
|
Leases
|
(8,105)
|
Contract liabilities
|
(4,999)
|
Trade and other payables
|
(6,974)
|
Current tax liabilities
|
(381)
|
Deferred tax liabilities
|
(2,961)
|
Other non-current liabilities
|
(2)
|
Total liabilities
|
(31,748)
|
Net assets
|
53,915
|
| Total | |
| Company | £’000 |
| Assets | |
Investment in subsidiary undertakings
|
12,908
|
Total
|
12,908
|
| 2024 | 2023 | |
| Equity | £’000 | £’000 |
Second interim paid for the year ended 2 September 2023 of 1.175p per 2.5p share (2022: 1.175p)
|
1,105
|
1,104
|
Final dividend for the year ended 2 September 2023 of 2.85p per 2.5p share (2022: 2.85p)
|
2,683
|
2,680
|
First interim paid for the year ended 31 August 2024 of 2.35p per 2.5p share (2023: £1.175p)
|
2,218
|
1,105
|
6,006
|
4,889
|
2024
|
2023 (restated)
|
|||
| Earnings | Earnings | |||
| Earnings | per share | Earnings | per share | |
| £’000 | pence | £’000 | pence | |
| Continuing operations | ||||
Loss per share – basic
|
(4,489)
|
(4.8)
|
(844)
|
(1.0)
|
| Adjusting items: | ||||
Amortisation of acquired intangible assets
|
89
|
0.1
|
488
|
0.5
|
Restructuring/closure costs
|
2,132
|
2.3
|
607
|
0.6
|
Loss on fair value measurement less costs to sell
|
720
|
0.8
|
–
|
–
|
Cloud configuration and customisation costs
|
813
|
0.8
|
602
|
0.6
|
Costs related to pension scheme buy-in
|
284
|
0.3
|
–
|
–
|
Pension past service costs
|
2,900
|
3.1
|
–
|
–
|
Profit on disposal of investment property
|
(154)
|
(0.2)
|
–
|
–
|
Goodwill and other intangible assets impairment
|
210
|
0.2
|
2,019
|
2.2
|
Property, plant and equipment and right-of-use assets impairment
|
1,969
|
2.1
|
–
|
–
|
Taxation effect of the above
|
(2,013)
|
(2.1)
|
(448)
|
(0.4)
|
Earnings per share – adjusted
|
2,461
|
2.6
|
2,424
|
2.5
|
| Discontinued operations | ||||
(Loss)/earnings per share – basic
|
(1,231)
|
(1.3)
|
618
|
0.7
|
| Adjusting items: | ||||
Amortisation of acquired intangible assets
|
446
|
0.5
|
459
|
0.5
|
|
Loss/(profit) on fair value measurement less costs to sell and
impairment of disposal group assets
|
5,217
|
5.5
|
(3)
|
–
|
Goodwill impairment
|
–
|
–
|
1,824
|
1.9
|
Taxation effect of the above
|
(211)
|
(0.2)
|
(111)
|
(0.1)
|
Earnings per share – adjusted
|
4,221
|
4.5
|
2,787
|
3.0
|
Total (basic)
|
(5,720)
|
(6.1)
|
(226)
|
(0.3)
|
Total (adjusted)
|
6,682
|
7.1
|
5,211
|
5.5
|
2024
|
2023 (restated)
|
|||||
| Weighted | Earnings | Weighted | Earnings | |||
| Earnings | average number | per share | Earnings | average number | per share | |
| £’000 | of shares | pence | £’000 | of shares | pence | |
| Continuing operations | ||||||
Loss per share
|
(4,489) |
94,284,735
|
(4.8)
|
(844) |
94,058,319
|
(1.0)
|
| Effect of dilutive securities: | ||||||
Share Save Scheme
|
–
|
–
|
–
|
–
|
–
|
–
|
Long Term Incentive Plan
|
–
|
–
|
–
|
–
|
–
|
–
|
Diluted loss per share
|
(4,489) |
94,284,735
|
(4.8)
|
(844) |
94,058,319
|
(1.0)
|
| Discontinued operations | ||||||
(Loss)/earnings per share
|
(1,231) |
94,284,735
|
(1.3)
|
618 |
94,058,319
|
0.7
|
| Effect of dilutive securities: | ||||||
Share Save Scheme
|
–
|
–
|
–
|
–
|
–
|
–
|
Long Term Incentive Plan
|
–
|
–
|
–
|
–
|
–
|
–
|
Diluted (loss)/earnings per share
|
(1,231) |
94,284,735
|
(1.3)
|
618 |
94,058,319
|
0.7
|
Total (diluted)
|
(5,720) |
94,284,735
|
(6.1)
|
(226) |
94,058,319
|
(0.3)
|
2024
|
2023 (restated)
|
|||||
| Adjusted | Weighted | Earnings | Adjusted | Weighted | Earnings | |
| earnings | average number | per share | earnings | average number | per share | |
| £’000 | of shares | pence | £’000 | of shares | pence | |
| Continuing operations | ||||||
Diluted adjusted earnings per share
|
2,461 |
94,284,735
|
2.6
|
2,424 |
94,058,319
|
2.5
|
| Discontinued operations | ||||||
Diluted adjusted earnings per share
|
4,221 |
94,284,735
|
4.5
|
2,787 |
94,058,319
|
3.0
|
Total (diluted adjusted)
|
6,682 |
94,284,735
|
7. 1
|
5,211 |
94,058,319
|
5.5 |
| Group | |||||||
| Know-how, | |||||||
| technology and | Brands, | ||||||
| Customer | development | patents and | Contract | ||||
| Goodwill | relationships | costs | trademarks | backlog | Software | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Cost | |||||||
At 4 September 2022
|
30,044
|
3,236
|
2,923
|
3,193
|
264
|
847
|
40,507
|
Exchange differences
|
(901)
|
–
|
(15)
|
(147)
|
(23)
|
(9)
|
(1,095)
|
Additions
|
–
|
–
|
164
|
2
|
–
|
23
|
189
|
Transferred to contract assets
|
–
|
–
|
(145)
|
–
|
–
|
–
|
(145)
|
At 2 September 2023
|
29,143
|
3,236
|
2,927
|
3,048
|
241
|
861
|
39,456
|
Exchange differences
|
(419)
|
–
|
(18)
|
(61)
|
(10)
|
(14)
|
(522)
|
Additions
|
–
|
–
|
537
|
10
|
–
|
8
|
555
|
Disposals
|
–
|
–
|
(58)
|
–
|
–
|
–
|
(58)
|
|
Amounts written off
Amounts transferred to property, plant
|
(19)
|
–
|
–
|
–
|
–
|
–
|
(19)
|
and equipment
|
–
|
–
|
(227)
|
–
|
–
|
–
|
(227)
|
Transferred to assets held for sale
|
(24,895)
|
(3,079)
|
(1,162)
|
(1,888)
|
(231)
|
(855)
|
(32,110)
|
At 31 August 2024
|
3,810
|
157
|
1,999
|
1,109
|
–
|
–
|
7,075
|
|
Accumulated amortisation and
impairment
|
|||||||
At 4 September 2022
|
6,435
|
1,549
|
1,785
|
1,451
|
264
|
779
|
12,263
|
Exchange differences
|
(19)
|
–
|
(5)
|
(77)
|
(23)
|
(9)
|
(133)
|
Charge for the year
|
–
|
295
|
440
|
242
|
–
|
27
|
1,004
|
Impairment during the year
|
3,566
|
–
|
–
|
277
|
–
|
–
|
3,843
|
At 2 September 2023
|
9,982
|
1,844
|
2,220
|
1,893
|
241
|
797
|
16,977
|
Exchange differences
|
(27)
|
–
|
(5)
|
(40)
|
(10)
|
(14)
|
(96)
|
Charge for the year
|
–
|
295
|
40
|
229
|
–
|
22
|
586
|
Impairment during the year
|
–
|
63
|
–
|
147
|
–
|
–
|
210
|
Transferred to assets held for sale
|
(8,213)
|
(2,045)
|
(256)
|
(1,152)
|
(231)
|
(805)
|
(12,702)
|
At 31 August 2024
|
1,742
|
157
|
1,999
|
1,077
|
–
|
–
|
4,975
|
| Net book amount | |||||||
At 3 September 2022
|
23,609
|
1,687
|
1,138
|
1,742
|
–
|
68
|
28,244
|
At 2 September 2023
|
19,161
|
1,392
|
707
|
1,155
|
–
|
64
|
22,479
|
At 31 August 2024
|
2,068
|
–
|
–
|
32
|
–
|
–
|
2,100
|
| 2024 | 2023 | |
| £’000 | £’000 | |
Carrs Agriculture Ltd – UK feed blocks
|
2,068
|
2,068
|
Animal Feed Supplement, Inc.
|
–
|
20
|
Wälischmiller Engineering GmbH
|
–
|
4,009
|
NuVision Engineering, Inc.
|
–
|
8,654
|
NW Total Engineered Solutions Ltd
|
–
|
4,410
|
2,068
|
19,161
|
| Pre-tax | ||||||
| Annual | Pre-tax | discount | ||||
| growth in | discount | rate | Long-term | Cash flows | ||
| Headroom |
EBIT
1
|
rate |
(sensitised)
2
|
growth rate |
(sensitised)
3
|
|
| Year ended 31 August 2024 | £m | % | % | % | % | % |
| Cash-generating unit | ||||||
Carrs Agriculture Ltd – UK feed blocks
|
32.2
|
15.1
|
15.1
|
96.4
|
2.0
|
(85.8)
|
| Pre-tax | |||||||
| Annual | Pre-tax | discount | Long-term | ||||
| growth in | discount | rate | Long-term | growth rate | Cash flows | ||
| Headroom |
EBIT
4
|
rate |
(sensitised)
5
|
growth rate |
(sensitised)
5
|
(sensitised)
6
|
|
| Year ended 2 September 2023 | £m | % | % | % | % | % | % |
| Cash-generating unit | |||||||
NuVision Engineering, Inc.
|
0.5
|
10.2
|
14.44
|
14.99
|
2.0
|
1.3
|
(4.5)
|
NW Total Engineered Solutions Ltd
|
–
|
23.9
|
15.59
|
N/A
7
|
2.0
|
N/A
7
|
N/A
7
|
Wälischmiller Engineering GmbH
|
0.3
|
34.5
|
14.66
|
14.81
|
2.0
|
1.8
|
(1.1)
|
Carrs Agriculture Ltd – UK feed blocks
|
14.1
|
4.8
|
14.94
|
26.09
|
2.0
|
(16.9)
|
(48.4)
|
Animax Ltd
|
–
|
–
|
14.14
|
N /A
7
|
1.0
|
N /A
7
|
N/A
7
|
Group
|
Company
|
|||||
| Assets in the | ||||||
| Land and | Plant and | course of | Plant and | |||
| buildings | equipment | construction | Total | equipment | ||
| £’000 | £’000 | £’000 | £’000 | £’000 | ||
| Cost | ||||||
At 4 September 2022
|
29,802
|
35,968
|
2,245
|
68,015
|
304
|
|
Exchange differences
|
(775)
|
(1,471)
|
(96)
|
(2,342)
|
–
|
|
Additions
|
876
|
1,633
|
643
|
3,152
|
28
|
|
Transfers to investment property
|
(4,080)
|
–
|
–
|
(4,080)
|
–
|
|
Transfers from right-of-use assets
|
–
|
524
|
–
|
524
|
–
|
|
Disposals
|
(1)
|
(308)
|
–
|
(309)
|
–
|
|
Reclassifications
|
144
|
1,707
|
(1,294)
|
557
|
–
|
|
At 2 September 2023
|
25,966
|
38,053
|
1,498
|
65,517
|
332
|
|
Exchange differences
|
(422)
|
(656)
|
(38)
|
(1,116)
|
–
|
|
Additions
|
393
|
1,680
|
2,077
|
4,150
|
8
|
|
Transfers from other intangible assets
|
227
|
–
|
–
|
227
|
–
|
|
Transfers from inventories
|
–
|
35
|
–
|
35
|
–
|
|
Disposals
|
(39)
|
(1,927)
|
(10)
|
(1,976)
|
–
|
|
Reclassifications
|
(3)
|
2,090
|
(2,087)
|
–
|
–
|
|
Transferred to assets held for sale
|
( 17,904) |
(19,306)
|
(408) |
(37, |
61 8)
|
–
|
At 31 August 2024
|
8,218
|
19,969
|
1,032
|
29,219
|
340
|
|
| Accumulated depreciation and impairment | ||||||
At 4 September 2022
|
9,637
|
25,174
|
–
|
34,811
|
216
|
|
Exchange differences
|
(261)
|
(1,057)
|
–
|
(1,318)
|
–
|
|
Charge for the year
|
878
|
2,145
|
–
|
3,023
|
30
|
|
Transfers to investment property
|
(1,447)
|
–
|
–
|
(1,447)
|
–
|
|
Transfers from right-of-use assets
|
–
|
111
|
–
|
111
|
–
|
|
Disposals
|
(1)
|
(169)
|
–
|
(170)
|
–
|
|
Reclassifications
|
–
|
557
|
–
|
557
|
–
|
|
At 2 September 2023
|
8,806
|
26,761
|
–
|
35,567
|
246
|
|
Exchange differences
|
(151)
|
(503)
|
–
|
(654)
|
–
|
|
Charge for the year
|
807
|
2,024
|
–
|
2,831
|
32
|
|
Impairment during the year
|
–
|
1,170
|
736
|
1,906
|
–
|
|
Disposals
|
(4)
|
(1,918)
|
–
|
(1,922)
|
–
|
|
Reclassifications
|
2
|
(2)
|
–
|
–
|
–
|
|
Transferred to assets held for sale
|
(6,500) |
(11,909)
|
–
|
(18,409)
|
–
|
|
At 31 August 2024
|
2,960
|
15,623
|
736
|
19,319
|
278
|
|
| Net book amount | ||||||
At 3 September 2022
|
20,165
|
10,794
|
2,245
|
33,204
|
88
|
|
At 2 September 2023
|
17,160
|
11,292
|
1,498
|
29,950
|
86
|
|
At 31 August 2024
|
5,258
|
4,346
|
296
|
9,900
|
62
|
|
Group
|
Company
|
|||
| 2023 | ||||
| 2024 | (restated) | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
Cost of sales
|
810
|
1,097
|
–
|
–
|
Administrative expenses
|
454
|
417
|
32
|
30
|
Discontinued operations
|
1,567
|
1,509
|
–
|
–
|
2,831
|
3,023
|
32
|
30 |
Group
|
Company
|
|||
| Land and | Plant, equipment | Plant, equipment | ||
| buildings | and vehicles | Total | and vehicles | |
| Lease assets | £’000 | £’000 | £’000 | £’000 |
| Cost | ||||
At 4 September 2022
|
6,862
|
4,757
|
11,619
|
576
|
Exchange differences
|
(106)
|
(9)
|
(115)
|
–
|
Additions
|
–
|
559
|
559
|
72
|
Modifications
|
294
|
1
|
295
|
–
|
Transfers to property, plant and equipment
|
–
|
(524)
|
(524)
|
–
|
Disposals
|
(157)
|
(203)
|
(360)
|
(38)
|
At 2 September 2023
|
6,893
|
4,581
|
11,474
|
610
|
Exchange differences
|
(50)
|
(12)
|
(62)
|
–
|
Additions
|
3,093
|
375
|
3,468
|
167
|
Modifications
|
–
|
351
|
351
|
–
|
Disposals
|
–
|
(756)
|
(756)
|
(569)
|
Transferred to assets held for sale
|
(9,526)
|
(3,344)
|
(12,870)
|
–
|
At 31 August 2024
|
410
|
1,195
|
1,605
|
208
|
| Accumulated depreciation and impairment | ||||
At 4 September 2022
|
2,139
|
1,257
|
3,396
|
240
|
Exchange differences
|
(91)
|
(4)
|
(95)
|
–
|
Charge for the year
|
703
|
605
|
1,308
|
127
|
Transfers to property, plant and equipment
|
–
|
(111)
|
(111)
|
–
|
Disposals
|
(149)
|
(198)
|
(347)
|
(38)
|
At 2 September 2023
|
2,602
|
1,549
|
4,151
|
329
|
Exchange differences
|
(52)
|
(3)
|
(55)
|
–
|
Charge for the year
|
756
|
555
|
1,311
|
71
|
Impairment during the year
|
–
|
63
|
63
|
–
|
Disposals
|
–
|
(486)
|
(486)
|
(356)
|
Transferred to assets held for sale
|
(3,117)
|
(918)
|
(4,035)
|
–
|
At 31 August 2024
|
189
|
760
|
949
|
44
|
| Net book amount | ||||
At 3 September 2022
|
4,723
|
3,500
|
8,223
|
336
|
At 2 September 2023
|
4,291
|
3,032
|
7,323
|
281
|
At 31 August 2024
|
221
|
435
|
656
|
164
|
Group
|
Company
|
|||
| 2024 | 2023 | 2024 | 2023 | |
| Lease liabilities | £’000 | £’000 | £’000 | £’000 |
Current liabilities
|
267
|
1,264
|
49
|
126
|
Non-current liabilities
|
448
|
5,559
|
118
|
167
|
715
|
6,823
|
167
|
293
|
Group
|
Company
|
|||
| 2024 | 2023 | 2024 | 2023 | |
| Lease liabilities | £’000 | £’000 | £’000 | £’000 |
Less than one year
|
291
|
1,446
|
56
|
139
|
One to two years
|
180
|
1,344
|
51
|
126
|
Two to three years
|
114
|
848
|
43
|
29
|
Three to four years
|
73
|
577
|
27
|
7
|
Four to five years
|
48
|
509
|
13
|
–
|
More than five years
|
62
|
4,235
|
–
|
–
|
768
|
8,959
|
190
|
301
|
Continuing Group
|
Company
|
|||
| 2023 | ||||
| 2024 | (restated) | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
Depreciation
|
327
|
387
|
71
|
127
|
Impairment charge
|
63
|
–
|
–
|
–
|
(Profit)/loss on disposal
|
(13)
|
3
|
(20)
|
–
|
Interest expense
|
33
|
32
|
9
|
8
|
410
|
422
|
60
|
135
|
| Total | |
| Group | £’000 |
| Cost | |
At 4 September 2022
|
155
|
Transfers from property, plant and equipment
|
4,080
|
At 2 September 2023
|
4,235
|
Disposals
|
(65)
|
Transferred to assets held for sale
|
(3,569)
|
At 31 August 2024
|
601
|
| Accumulated depreciation | |
At 4 September 2022
|
81
|
Charge for the year
|
67
|
Transfers from property, plant and equipment
|
1,447
|
At 2 September 2023
|
1,595
|
Charge for the year
|
67
|
Disposals
|
(37)
|
Transferred to assets held for sale
|
(1,340)
|
At 31 August 2024
|
285
|
| Net book amount | |
At 3 September 2022
|
74
|
At 2 September 2023
|
2,640
|
At 31 August 2024
|
316
|
| Joint | Other | ||
| ventures | investments | Total | |
| Group | £’000 | £’000 | £’000 |
| Cost | |||
At 4 September 2022
|
6,065
|
41
|
6,106
|
Exchange difference
|
(498)
|
(3)
|
(501)
|
Share of post-tax result
|
1,441
|
–
|
1,441
|
Dividend paid by joint ventures
|
(907)
|
–
|
(907)
|
Disposals
|
(2)
|
(2)
|
|
At 2 September 2023
|
6,101
|
36
|
6,137
|
Exchange difference
|
(232)
|
(1)
|
(233)
|
Share of post-tax result
|
1,374
|
–
|
1,374
|
Dividend paid by joint ventures
|
(955)
|
–
|
(955)
|
At 31 August 2024
|
6,288
|
35
|
6,323
|
| Accumulated provision for impairment | |||
At 4 September 2022, at 2 September 2023 and at 31 August 2024
|
–
|
9
|
9
|
| Net book amount | |||
At 3 September 2022
|
6,065
|
32
|
6,097
|
At 2 September 2023
|
6,101
|
27
|
6,128
|
At 31 August 2024
|
6,288
|
26
|
6,314
|
| Shares in | Joint | ||
| subsidiaries | ventures | Total | |
| Company | £’000 | £’000 | £’000 |
| Cost | |||
At 4 September 2022
|
39,012
|
172
|
39,184
|
Capital contribution
|
817
|
–
|
817
|
Share-based payment credit in respect of employees of subsidiary undertakings
|
(203)
|
–
|
(203)
|
At 2 September 2023
|
39,626
|
172
|
39,798
|
Capital contribution
|
186
|
–
|
186
|
Share-based payment charge in respect of employees of subsidiary undertakings
|
73
|
–
|
73
|
Transferred to assets held for sale
|
(16,829)
|
–
|
(16,829)
|
At 31 August 2024
|
23,056
|
172
|
23,228
|
| Accumulated provision for impairment | |||
At 4 September 2022 and at 2 September 2023
|
4,869
|
–
|
4,869
|
Impairment during the year
|
1,593
|
–
|
1,593
|
Transferred to assets held for sale
|
(3,921)
|
–
|
(3,921)
|
At 31 August 2024
|
2,541
|
–
|
2,541
|
| Net book amount | |||
At 3 September 2022
|
34,143
|
172
|
34,315
|
At 2 September 2023
|
34,757
|
172
|
34,929
|
At 31 August 2024
|
20,515
|
172
|
20,687
|
| Proportion of | ||||
| shares held | ||||
| Ordinary | Country of | Country of | ||
| Name | % | incorporation | operation
|
Activity
|
Carrs Billington Agriculture (Operations) Ltd
|
49
|
England
|
UK
|
Manufacture of animal feed
|
| 2024 | 2023 | |
| £’000 | £’000 | |
Revenues
|
–
|
23,869
|
Profit after tax
|
–
|
772
|
| Equity interest | ||||
| held | Country of | Country of | ||
| Name | % | incorporation | operation
|
Activity
|
Crystalyx Products GmbH
|
50
|
Germany
1
|
Germany
|
Manufacture of animal feed blocks
|
Gold-Bar Feed Supplements LLC
|
50
|
USA
2
|
USA
|
Manufacture of animal feed blocks
|
ACC Feed Supplement LLC
|
50
|
USA
3
|
USA
|
Manufacture of animal feed blocks
|
Silloth Storage Company Ltd
|
50
|
England
4
|
UK
|
Storage of molasses
|
| 2024 | 2023 | |
| £’000 | £’000 | |
Non-current assets
|
5,338
|
4,607
|
Current assets
|
4,342
|
4,372
|
Current liabilities
|
(2,302)
|
(2,756)
|
Non-current liabilities
|
(1,107)
|
(139)
|
Income
|
24,466
|
32,319
|
Expenses
|
(22,830)
|
(30,494)
|
Net finance cost
|
(130)
|
(107)
|
| Ordinary | ||||||
| Company | Shares | |||||
| registration | held | Country of | Country of | |||
| Name |
number
9
|
% | incorporation | operation
|
Activity
|
|
|
Carrs Agriculture Ltd
9
|
00480342
|
100
|
England |
1 | UK
|
Manufacture of animal feed/mineral
|
| blocks and ingredients of animal | ||||||
| feed | ||||||
Animal Feed Supplement, Inc.
|
100
|
USA
2
|
USA
|
Manufacture of animal feed blocks
|
||
Carr’s Supplements (NZ) Ltd
|
100
|
New Zealand
3
|
New Zealand
|
Distributor of animal feed blocks
|
||
Carr’s Engineering Ltd
|
100
|
England
1
|
UK
|
Engineering
|
||
Wälischmiller Engineering GmbH
|
100
|
Germany
4
|
Germany
|
Engineering
|
||
Carr’s Engineering (US), Inc.
|
100
|
USA
5
|
USA
|
Holding company
|
||
NuVision Engineering, Inc.
|
100
|
USA
5
|
USA
|
Engineering
|
||
|
Carrs Properties Ltd
9
|
00088157
|
100
|
England
1
|
UK
|
Property holding
|
|
|
Carr’s International Finance Ltd
9
|
10888476
|
100
|
England
1
|
UK
|
Finance company
|
|
|
Animax Ltd
9
|
01604213
|
100
|
England
6
|
UK
|
Manufacture of animal health
|
|
| products | ||||||
Carr’s Supplements (ROI) Ltd
|
100
|
Ireland
7
|
Ireland
|
Distributor of animal feed blocks
|
||
| and health products | ||||||
|
Afgritech Ltd
9
|
05259304
|
100
|
England |
1 | UK
|
Holding company
|
Afgritech LLC
|
100
|
USA
8
|
USA
|
Producers of ingredients of animal
|
||
|
feed
10
|
||||||
|
NW Total Engineered Solutions Ltd
9
|
02953309
|
100
|
England |
1 | UK
|
Engineering
|
| 2024 | 2023 | |
| Income statement and statement of comprehensive income | £’000 | £’000 |
Revenue
|
–
|
54,270
|
Loss after tax
|
–
|
(1,180)
|
Loss after tax allocated to non-controlling interest
|
–
|
(578)
|
| 2024 | 2023 | |
| Statement of cash flows | £’000 | £’000 |
Cash flows from operating activities
|
–
|
(2,492)
|
Cash flows from investment activities
|
–
|
(487)
|
Cash flows from financing activities
|
–
|
(9,669)
|
Net decrease in cash and cash equivalents
|
–
|
(12,648)
|
| 2024 | 2023 | |
| Group | £’000 | £’000 |
Accelerated tax depreciation
|
(1,130)
|
(3,266)
|
Employee benefits
|
(452)
|
(1,329)
|
Short-term timing differences
|
618
|
135
|
Leases
|
–
|
158
|
Losses
|
1,149
|
483
|
Rolled over capital gains
|
–
|
(602)
|
Net deferred tax
|
185
|
(4,421)
|
| Included in: | ||
Deferred tax assets
|
208
|
26
|
Deferred tax liabilities
|
(23)
|
(4,447)
|
Net deferred tax
|
185
|
(4,421)
|
| Recognised | |||||||
| Recognised | in other | ||||||
| At 3 September | Exchange | in income | comprehensive | Recognised in | Transferred to | At 31 August | |
| 2023 | differences | statement | income | equity | disposal group | 2024 | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £'000 | £’000 | |
Accelerated tax depreciation
|
(3,266)
|
20
|
308
|
–
|
–
|
1,808
|
(1,130)
|
Employee benefits
|
(1,329)
|
–
|
774
|
103
|
–
|
–
|
(452)
|
Short-term timing differences
|
135
|
(40)
|
(1)
|
178
|
14
|
332
|
618
|
Leases
|
158
|
–
|
(4)
|
–
|
–
|
(154)
|
–
|
Losses
|
483
|
–
|
666
|
–
|
–
|
–
|
1,149
|
Rolled over capital gains
|
(602)
|
–
|
(16)
|
–
|
–
|
618
|
–
|
(4,421)
|
(20)
|
1,727
|
281
|
14
|
2,604
|
185
|
| Recognised | |||||||
| Recognised | in other | Included in | |||||
| At 4 September | Exchange | in income | comprehensive | Recognised in | discontinued | At 2 September | |
| 2022 | differences | statement | income | equity | operations | 2023 | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Accelerated tax depreciation
|
(3,676)
|
80
|
330
|
–
|
–
|
–
|
(3,266)
|
Employee benefits
|
(1,707)
|
–
|
(137)
|
515
|
–
|
–
|
(1,329)
|
Short-term timing differences
|
490
|
(70)
|
(874)
|
341
|
(4)
|
252
|
135
|
Leases
|
162
|
–
|
(4)
|
–
|
–
|
–
|
158
|
Losses
|
498
|
–
|
(15)
|
–
|
–
|
–
|
483
|
Rolled over capital gains
|
(602)
|
–
|
–
|
–
|
–
|
–
|
(602)
|
(4,835)
|
10
|
(700)
|
856
|
(4)
|
252
|
(4,421)
|
| 2024 | 2023 | |
| Company | £’000 | £’000 |
Accelerated tax depreciation
|
17
|
17
|
Employee benefits
|
(452)
|
(1,329)
|
Short-term timing differences
|
52
|
42
|
Losses
|
1,104
|
415
|
Net deferred tax
|
721
|
(855)
|
| Included in: | ||
Deferred tax assets
|
721
|
–
|
Deferred tax liabilities
|
–
|
(855)
|
Net deferred tax
|
721
|
(855)
|
| Recognised | ||||||
| Recognised | in other | |||||
| At 3 September | in income | comprehensive | Recognised | At 31 August
|
||
| 2023 | statement | income |
in equity
2024
|
|||
| £’000 | £’000 | £’000 | £’000
|
£’000 | ||
Accelerated tax depreciation
|
17
|
–
|
–
|
–
|
17
|
|
Employee benefits
|
(1,329)
|
774
|
103
|
–
|
(452)
|
|
Short-term timing differences
|
42
|
(2)
|
–
|
12
|
52
|
|
Losses
|
415
|
689
|
–
|
–
|
1,104
|
|
(855)
|
1,461
|
103
|
12
|
721
|
||
| Recognised | ||||||
| Recognised | in other | |||||
| At 4 September | in income | comprehensive | Recognised | At 2 September
|
||
| 2022 | statement | income |
in equity
2023
|
|||
| £’000 | £’000 | £’000 | £’000
|
£’000 | ||
Accelerated tax depreciation
|
20
|
(3)
|
–
|
–
|
17
|
|
Employee benefits
|
(1,707)
|
(137)
|
515
|
–
|
(1,329)
|
|
Short-term timing differences
|
104
|
(58)
|
–
|
(4)
|
42
|
|
Losses
|
402
|
13
|
–
|
–
|
415
|
|
(1,181)
|
(185)
|
515
|
(4)
|
(855)
|
||
| 2024 | 2023 | ||
| Group | £’000 | £’000 | |
Raw materials and consumables
|
5,825
|
16,664
|
|
Work in progress
|
49
|
2,055
|
|
Finished goods and goods for resale
|
6,188
|
7,89 |
4
|
12,062
|
26,613
|
| 2024 | 2023 | |
| Contract assets | £’000 | £’000 |
At the beginning of the year
|
7,9 1 5
|
7,8 8 0
|
Exchange differences
|
(73)
|
(138)
|
Transfers from contract assets recognised at the beginning of the year to receivables
|
(6,882)
|
(6,335)
|
Increase related to services provided in the year
|
8,260
|
6,508
|
Transferred to assets held for sale
|
(9,220)
|
–
|
At the end of the year
|
–
|
7,9 1 5
|
| 2024 | 2023 | |
| Contract liabilities | £’000 | £’000 |
At the beginning of the year
|
5,194
|
2,426
|
Exchange differences
|
(64)
|
(95)
|
Revenue recognised against contract liabilities at the beginning of the year
|
(4,158)
|
(2,372)
|
Increase due to cash received, excluding any amounts recognised as revenue during the year
|
4,027
|
5,235
|
Transferred to liabilities held for sale
|
(4,999)
|
–
|
At the end of the year
|
–
|
5,194
|
Group
|
Company
|
||||
| 2023 | 2023 | ||||
| 2024 |
(restated)
1
|
2024 |
(restated)
2
|
||
| £’000 | £’000 | £’000 | £’000 | ||
| Current: | |||||
Trade receivables
|
6,075
|
17,38
|
5
|
209
|
895
|
Less: provision for impairment of trade receivables
|
(82)
|
(290)
|
–
|
–
|
|
Trade receivables – net
|
5,993
|
1 7,095
|
209
|
895
|
|
Amounts owed by Group undertakings (note 35)
|
–
|
–
|
4,303
|
3,959
|
|
Amounts owed by other related parties (note 35)
|
204
|
15
|
–
|
2
|
|
Other taxes and social security receivable
|
572
|
741
|
–
|
–
|
|
Return assets
|
1,885
|
2,302
|
–
|
–
|
|
Other receivables
|
939
|
4,538
|
774
|
4,355
|
|
Prepayments
|
759
|
2,203
|
193
|
394
|
|
10,352
|
26,894
|
5,479
|
9,605
|
||
| Non-current: | |||||
Amounts owed by Group undertakings (note 35)
|
–
|
–
|
32,389
|
32,797
|
|
Other receivables
|
–
|
21
|
–
|
–
|
|
–
|
21
|
32,389
|
32,797
|
2024
|
2023
|
|||
| Gross | Impairment | Gross | Impairment | |
| Group | £’000 | £’000 | £’000 | £’000 |
| The ageing of trade receivables is as follows: | ||||
Not past due
|
4,785
|
–
|
13,249
|
(57)
|
Past due 1 – 30 days
|
363
|
–
|
2,065
|
–
|
Past due 31 – 60 days
|
(26)
|
–
|
677
|
–
|
Past due 61 – 90 days
|
267
|
–
|
324
|
(15)
|
Past due 91 – 120 days
|
25
|
–
|
522
|
(8)
|
Past 121 days
|
661
|
(82)
|
548
|
(210)
|
6,075
|
(82)
|
1 7, 3 85
|
(290)
|
2024
|
2023
|
|||
| Gross | Impairment | Gross | Impairment | |
| Company | £’000 | £’000 | £’000 | £’000 |
| The ageing of trade receivables is as follows: | ||||
Not past due
|
10
|
–
|
317
|
–
|
Past due 1 – 30 days
|
8
|
–
|
67
|
–
|
Past due 31 – 60 days
|
1
|
–
|
52
|
–
|
Past due 61 – 90 days
|
1
|
–
|
75
|
–
|
Past due 91 – 120 days
|
3
|
–
|
384
|
–
|
Past 121 days
|
186
|
–
|
–
|
–
|
209
|
–
|
895
|
–
|
Group
|
Company
|
|||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
|
The carrying value of trade receivables is denominated in
the following currencies:
|
||||
Sterling
|
3,755
|
12,329
|
209
|
895
|
US Dollar
|
1,146
|
2,303
|
–
|
–
|
Euro
|
334
|
1,669
|
–
|
–
|
New Zealand Dollar
|
758
|
794
|
–
|
–
|
5,993
|
17,095
|
209
|
895 |
Group
|
Company
|
||||
| 2024 | 2023 | 2024 | 2023 | ||
| £’000 | £’000 | £’000 | £’000 | ||
Cash and cash equivalents per the balance sheet
|
13,714
|
23,123
|
7,607
|
13,443
|
|
|
Cash and cash equivalents of disposal groups classified as assets held for
sale (note 9)
|
4,802
|
–
|
–
|
–
|
|
Bank overdrafts (note 26)
|
(2,670) |
(12,354)
|
–
|
–
|
|
Bank overdrafts of disposal groups classified as liabilities held for sale
|
( 7,91 |
6)
|
–
|
–
|
–
|
Cash and cash equivalents per the statement of cash flows
|
7,930
|
10,769
|
7,607
|
13,443 |
|
Group
|
Company
|
|||
| 2023 | ||||
| 2024 |
(restated)
1
|
2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
| Current: | ||||
Trade payables
|
4,727
|
8,232
|
335
|
588
|
Amounts owed to Group undertakings (note 35)
|
–
|
–
|
914
|
809
|
Amounts owed to other related parties (note 35)
|
20
|
44
|
–
|
–
|
Other taxes and social security payable
|
676
|
2,036
|
561
|
877
|
Other payables
|
2,155
|
3,392
|
167
|
170
|
Accruals
|
3,076
|
4,802
|
1,404
|
948
|
Deferred income
|
53
|
352
|
–
|
–
|
10,707
|
18,858
|
3,381
|
3,392
|
|
| Non-current: | ||||
Deferred income
|
–
|
71
|
–
|
–
|
–
|
71
|
–
|
–
|
Group
|
Company
|
|||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
At the beginning of the year
|
23
|
28
|
–
|
–
|
Amortisation in the year
|
(16)
|
(5)
|
–
|
–
|
Transferred to liabilities held for sale
|
(7)
|
–
|
–
|
–
|
At the end of the year
|
–
|
23
|
–
|
–
|
| Included within: | ||||
Current liabilities
|
–
|
5
|
–
|
–
|
Non-current liabilities
|
–
|
18
|
–
|
–
|
–
|
23
|
–
|
– |
Group
|
Company
|
|||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
| Current: | ||||
Bank overdrafts
|
2,670
|
12,354
|
–
|
–
|
Bank loans
|
94
|
1,360
|
–
|
–
|
Loans from Group undertakings (note 35)
|
–
|
–
|
1,580
|
2,125
|
2,764
|
13,714
|
1,580
|
2,125
|
|
| Non-current: | ||||
Bank loans and other borrowings
|
2,913
|
5,206
|
2,913
|
4,697
|
2,913
|
5,206
|
2,913
|
4,697
|
|
| Borrowings are repayable as follows: | ||||
On demand or within one year
|
2,764
|
13,714
|
1,580
|
2,125
|
In the second year
|
–
|
5,206
|
–
|
4,697
|
In the third to fifth years inclusive
|
2,913
|
–
|
2,913
|
–
|
5,677
|
18,920
|
4,493
|
6,822
|
Group
|
Company
|
|||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
| The net borrowings are: | ||||
Borrowings as above
|
5,677
|
18,920
|
4,493
|
6,822
|
Cash and cash equivalents
|
(13,714) |
(23,123)
|
(7,607 ) |
(13,443)
|
Net cash
|
(8,037)
|
(4,203)
|
(3,114)
|
(6,621)
|
2024
|
2023
|
|||||||||
| US | NZ | US | NZ | |||||||
| Sterling | Dollar | Euro | Dollar | Total | Sterling | Dollar | Euro | Dollar | Total | |
| Group | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
| Assets | ||||||||||
|
Current trade and other
receivables
|
–
|
53
|
217
|
–
|
270
|
33
|
1
|
20
|
–
|
54
|
Cash and cash equivalents
|
137
|
569
|
490
|
3
|
1,199
|
601
|
1,110
|
798
|
3
|
2,512
|
137
|
622
|
707
|
3
|
1,469
|
634
|
1,111
|
818
|
3
|
2,566
|
|
| Liabilities | ||||||||||
Current derivatives
|
–
|
–
|
–
|
–
|
–
|
–
|
4
|
–
|
–
|
4
|
|
Current trade and other
payables
|
–
|
7
|
12
|
10
|
29
|
1
|
(11)
|
55
|
17
|
62
|
–
|
7
|
12
|
10
|
29
|
1
|
(7)
|
55
|
17
|
66
|
2024
|
2023
|
|||||
| US Dollar | Euro | Total | US Dollar | Euro | Total | |
| Company | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
| Assets | ||||||
Non-current receivables
|
15,175
|
5,909
|
21,084
|
15,776
|
6,009
|
21,785
|
Current trade and other receivables
|
1,404
|
70
|
1,474
|
1,160
|
9
|
1,169
|
Cash and cash equivalents
|
348
|
9
|
357
|
740
|
535
|
1,275
|
16,927
|
5,988
|
22,915
|
1 7,676
|
6,553
|
24,229
|
|
| Liabilities | ||||||
Current borrowings
|
228
|
1,353
|
1,581
|
237
|
1,889
|
2,126
|
228
|
1,353
|
1,581
|
237
|
1,889
|
2,126
|
2024
|
2023 (restated)
|
|||
| 10% | 10% | 10% | 10% | |
| weakening | strengthening | weakening | strengthening | |
| Continuing operations | £’000 | £’000 | £’000 | £’000 |
Impact on loss after taxation
|
(122)
|
100
|
(160)
|
133
|
Impact on total equity
|
(122)
|
100
|
(160)
|
133
|
2024
|
2023
|
|||
| Weighted | Weighted | |||
| average | average | |||
| effective | effective | |||
| interest rate | interest rate | |||
| Group borrowings | %
|
£’000
|
%
|
£’000
|
Bank overdrafts
|
6.70
|
2,670
|
6.98
|
12,354
|
Bank loans and other borrowings
|
6.70
|
3,007
|
6.56
|
6,566
|
5,677
|
18,920
|
|||
Fixed rate
|
–
|
834
|
||
Floating rate
|
5,677
|
18,086
|
||
5,677
|
18,920
|
2024
|
2023
|
|||
| Weighted | Weighted | |||
| average | average | |||
| effective | effective | |||
| interest rate | interest rate | |||
| Company borrowings | %
|
£’000
|
%
|
£’000
|
Bank loans
|
6.67
|
2,913
|
6.92
|
4,697
|
Loans from Group undertakings
|
3.85
|
1,580
|
4.00
|
2,125
|
4,493
|
6,822
|
|||
Fixed rate
|
1,352
|
–
|
||
Floating rate
|
2,913
|
6,585
|
||
Interest-free
|
228
|
237
|
||
4,493
|
6,822
|
2024
|
2023 (restated)
|
|||
| 1% decrease | 1% increase | 1% decrease | 1% increase | |
| Continuing operations | £’000 | £’000 | £’000 | £’000 |
Impact on profit after taxation
|
110
|
(110)
|
112
|
(112)
|
Impact on total equity
|
110
|
(110)
|
112
|
(112)
|
2024
|
2023
|
|||||||
| Within | One to | Two to | Within | One to | Two to | |||
| Total | one year | two years | five years | Total | one year | two years | five years | |
| Group | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
Bank overdrafts
|
2,670
|
2,670
|
–
|
–
|
12,354
|
12,354
|
–
|
–
|
|
Bank loans and other
borrowings
|
3,562
|
295
|
200
|
3,067
|
7,070
|
1,719
|
5,351
|
–
|
Derivatives
|
–
|
–
|
–
|
–
|
4
|
4
|
–
|
–
|
Trade and other payables
|
9,978
|
9,978
|
–
|
–
|
16,470
|
16,470
|
–
|
–
|
16,210
|
12,943
|
200
|
3,067
|
35,898
|
30,547
|
5,351
|
–
|
2024
|
2023
|
|||||||
| Within | One to | Two to | Within | One to | Two to | |||
| Total | one year | two years | five years | Total | one year | two years | five years | |
| Company | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 |
Bank loans
|
3,467
|
200
|
200
|
3,067
|
5,179
|
328
|
4,851
|
–
|
| Loans from Group | ||||||||
undertakings
|
1,580
|
1,580
|
–
|
–
|
2,125
|
2,125
|
–
|
–
|
Trade and other payables
|
2,820
|
2,820
|
–
|
–
|
2,515
|
2,515
|
–
|
–
|
7,867
|
4,600
|
200
|
3,067
|
9,819
|
4,968
|
4,851
|
–
|
| 2024 | 2023 | |
| Floating rate | Floating rate | |
| £’000 | £’000 | |
Expiring in one year or less
|
10,119
|
6,993
|
Expiring within two and five years inclusive
|
22,000
|
20,259
|
32,119
|
27, 2 5 2
|
2024
|
2023
|
|||
| Fair | Contractual or | Fair | Contractual or | |
| value | notional amount | value | notional amount | |
| Group | £’000 | £’000 | £’000 | £’000 |
At the beginning of the year
|
(4)
|
(203)
|
(62)
|
(557)
|
Exchange differences
|
–
|
(2)
|
–
|
50
|
Gains during the year
|
4
|
205
|
58
|
304
|
At the end of the year – included within current liabilities
|
–
|
–
|
(4)
|
(203)
|
2024
|
2023
|
|||
| Fair value | Fair value | |||
| through | Amortised | through | Amortised | |
| profit or loss | cost | profit or loss | cost | |
| Group | £’000 | £'000 | £’000 | £’000 |
| Assets | ||||
Non-current receivables
|
–
|
–
|
–
|
21
|
Contract assets
|
–
|
–
|
–
|
7,9 15
|
Current trade and other receivables
|
–
|
9,021
|
–
|
23,950
|
Cash and cash equivalents
|
–
|
13,714
|
–
|
23,123
|
–
|
22,735
|
–
|
55,009
|
|
| Liabilities | ||||
Current borrowings
|
–
|
2,764
|
–
|
13,714
|
Derivative financial instruments
|
–
|
–
|
4
|
–
|
Trade and other payables
|
–
|
9,978
|
–
|
16,470
|
Contract liabilities
|
–
|
–
|
–
|
5,194
|
Non-current borrowings
|
–
|
2,913
|
–
|
5,206
|
–
|
15,655
|
4
|
40,584
|
2024
|
2023
|
|||
| Fair value | Fair value | |||
| through | Amortised | through | Amortised | |
| profit or loss | cost | profit or loss | cost | |
| Company | £’000 | £'000 | £’000 | £’000 |
| Assets | ||||
Non-current receivables
|
–
|
32,389
|
–
|
32,797
|
Current trade and other receivables
|
–
|
5,286
|
–
|
9,211
|
Cash and cash equivalents
|
–
|
7,607
|
–
|
13,443
|
–
|
45,282
|
–
|
55,451
|
|
| Liabilities | ||||
Current borrowings
|
–
|
1,580
|
–
|
2,125
|
Trade and other payables
|
–
|
2,820
|
–
|
2,515
|
Non-current borrowings
|
–
|
2,913
|
–
|
4,697
|
–
|
7, 313
|
–
|
9,337
|
| 2024 | 2023 | |
| % | % | |
Inflation (RPI)
|
3.10
|
3.30
|
Inflation (CPI)
|
2.70
|
2.80
|
Rate of discount
|
4.90
|
5.50
|
| Pension in payment increases: | ||
RPI or 5.0% per annum if less
|
2.90
|
3.00
|
RPI or 5.0% per annum if less, minimum 3.0% per annum
|
3.60
|
3.70
|
| At | At | |
| 31 August | 2 September | |
| 2024 | 2023 | |
Males currently age 45
|
23.3 years
|
23.3 years
|
Females currently age 45
|
25.8 years
|
25.7 years
|
Males currently age 65
|
22.0 years
|
21.9 years
|
Females currently age 65
|
24.3 years
|
24.3 years
|
| 2024 | 2023 | |
| £’000 | £’000 | |
Administrative expenses
|
477
|
166
|
Past service costs
|
2,900
|
–
|
Net interest on the net defined benefit asset
|
(280)
|
(312)
|
Total expense/(income)
|
3,097
|
(146)
|
| 2024 | 2023 | |
| £’000 | £’000 | |
| Within operating profit/(loss): | ||
Administrative expenses
|
477
|
166
|
Past service costs
|
2,900
|
–
|
| Within interest: | ||
Finance income
|
(280)
|
(312)
|
Total expense/(income)
|
3,097
|
(146)
|
| 2024 | 2023 | |
| £’000 | £’000 | |
| Actual gains and losses arising from changes in: | ||
Financial assumptions
|
(2,339)
|
5,440
|
Demographic assumptions
|
605
|
–
|
Experience adjustments
|
149
|
(760)
|
Return on assets, excluding interest income
|
1,173
|
(6,738)
|
Total remeasurement of the net defined benefit asset
|
(412)
|
(2,058)
|
| 2024 | 2023 | ||
| £’000 | £’000 | ||
Present value of funded defined benefit obligations
|
(46,421)
|
(42,505)
|
|
Fair value of scheme assets
|
48,228
|
47,
|
82 1
|
Surplus in funded scheme
|
1,807
|
5,316
|
| 2024 | 2023 | |
| £’000 | £’000 | |
Benefit obligation at the beginning of the year
|
42,505
|
48,578
|
Past service costs
|
2,900
|
–
|
Interest cost
|
2,254
|
2,120
|
Net measurement losses/(gains) – financial
|
2,339
|
(5,440)
|
Net measurement gains – demographic
|
(605)
|
–
|
Net measurement (gains)/losses – experience
|
(149)
|
760
|
Benefits paid
|
(2,823)
|
(3,513)
|
Benefit obligation at the end of the year
|
46,421
|
42,505
|
| 2024 | 2023 | |
| £’000 | £’000 | |
Vested deferred
|
11,408
|
10,088
|
Retirees
|
35,013
|
32,417
|
46,421
|
42,505
|
| 2024 | 2023 | ||
| £’000 | £’000 | ||
Fair value of scheme assets at the beginning of the year
|
47,821
|
55,406
|
|
Interest income on scheme assets
|
2,534
|
2,432
|
|
Employer contributions
|
–
|
400
|
|
Return on assets, excluding interest income
|
1,173
|
(6,738)
|
|
Benefits paid
|
(2,823)
|
(3,513)
|
|
Scheme administrative cost
|
(477)
|
(166)
|
|
Fair value of scheme assets at the end of the year
|
48,228
|
47,
|
82 1
|
| Fair value of assets | |||
| 2024 | 2023 | ||
| £’000 | £’000 | ||
Equity instruments
|
–
|
3,262
|
|
Debt instruments
|
47,797
|
39,944
|
|
Cash
|
431
|
3,315
|
|
Other
|
–
|
1,300
|
|
48,228
|
47,
|
82 1
|
|
Actual return on scheme assets
|
3,707
|
(4,306)
|
Asset
|
Valuation
|
Equity instruments
|
Fair value being the net asset value provided by the investment manager
|
Debt instruments
|
Fair value being the net asset value provided by the investment manager
|
Other
|
Fair value being the net asset value provided by the investment manager
|
| Present value of defined | ||
| benefit obligation | ||
| Change in assumption | £’000 | |
Discount rate
|
-50 basis points
|
48,821
|
+50 basis points
|
44,191
|
|
Price inflation rate
|
-25 basis points
|
45,430
|
+25 basis points
|
47,441
|
|
Post-retirement mortality assumption
|
-1 year age rating
|
48,129
|
+1 year age rating
|
44,620
|
| £’000 | |
Expected employer contributions
|
–
|
Expected contributions to reimbursement rights
|
–
|
| Expected total benefit payments by the scheme: | |
Year 1
|
2,904
|
Year 2
|
2,988
|
Year 3
|
3,074
|
Year 4
|
3,162
|
Year 5
|
3,253
|
Next 5 years
|
17,727
|
2024
|
2023
|
|||
| Group and Company | Shares
|
£’000
|
Shares
|
£’000
|
| Allotted and fully paid Ordinary Shares of 2.5p each: | ||||
At the beginning of the year
|
94,150,362
|
2,354
|
93,999,596
|
2,350
|
Allotment of shares
|
282,718
|
7
|
150,766
|
4
|
At the end of the year
|
94,433,080
|
2,361
|
94,150,362
|
2,354
|
| Long Term | Long Term | |||||||||
| Incentive Plan | Incentive Plan | |||||||||
| (Executive Directors) | (Executive Directors) | Share Save | Share Save | Share Save | ||||||
| January 2024 | May 2023 | |||||||||
| Long Term | Scheme | Scheme | Scheme | |||||||
| EPS | TSR | EPS | TSR | Incentive Plan | (3-Year Plan | (3-Year Plan | (3-Year Plan | |||
| weighting | weighting | weighting | weighting | December 2021 | 2024) | 2023) | 2022) | |||
Grant date
|
22/01/24
|
04/05/23
|
10/12/21 |
08/02/24 |
03/07/23 |
06/06/22
|
||||
| Share price at grant | ||||||||||
| date (weighted | ||||||||||
average)
|
£1.14
|
£1.21
|
£1.51
|
£1.25
|
£1.47
|
£1.355
|
||||
| Exercise price | ||||||||||
(weighted average)
|
£0.00
|
£0.00
|
£0.00
|
£0.92
|
£1.17
|
£1.15
|
||||
| Fair value per option | ||||||||||
at grant
|
£0.82 |
£0.33 |
£0.87 |
£0.36
|
£1.37
|
£0.42
|
£0.51
|
£0.38
|
||
| Number of employees | ||||||||||
at grant
|
1
|
2
|
10
|
98
|
72
|
150
|
||||
| Shares under option | ||||||||||
at grant
|
267,834
|
620,920
|
529,766
|
567,344
|
292,723
|
492,231
|
||||
Vesting period (years)
|
3
|
3
|
3
|
3
|
3
|
3
|
||||
| Model used for | Market | Monte | Market | Monte | Market | Black- | Black- | Black- | ||
| valuation | value* | Carlo | value* | Carlo | value* | Scholes | Scholes | Scholes | ||
Expected volatility
|
– |
38.6%
|
–
|
34.3%
|
–
|
37.9%
|
39.7%
|
40.0%
|
||
Option life (years)
|
10
|
10
|
10
|
3.55
|
3.55
|
3.55
|
||||
Expected life (years)
|
6.5
|
6.5
|
6.5
|
3.3
|
3.3
|
3.3
|
||||
Risk-free rate
|
– |
3.9%
|
–
|
3.8%
|
–
|
4.1%
|
5.1%
|
1.78%
|
||
| Expected dividends | ||||||||||
|
expressed as a
dividend yield
|
3.1% |
4.6% |
3.1%
|
4.2%
|
3.6%
|
4.20%
|
3.50%
|
3.80%
|
||
Expectations of vesting |
0% |
95%
|
0%
|
95%
|
0%
|
95%
|
95%
|
95%
|
||
| Long Term | Long Term | Long Term | Long Term | Share Save | Share Save | Share Save | Share Save | |
| Incentive Plan | Incentive Plan | Incentive Plan | Incentive Plan | Scheme | Scheme | Scheme | Scheme | |
| January/March | May/August | December | November | (3-Year Plan | (3-Year Plan | (3-Year Plan | (3-Year Plan | |
| 2024 | 2023 | 2021 | 2020 | 2024) | 2023) | 2022) | 2021) | |
| Number | Number | Number | Number | Number | Number | Number | Number | |
| ’000 | ’000 | ’000 | ’000 | ’000 | ’000 | ’000 | ’000 | |
| Outstanding: | ||||||||
| At 4 September | ||||||||
2022
|
–
|
–
|
502
|
449
|
–
|
–
|
483
|
917
|
Granted in the year
|
–
|
737
|
–
|
–
|
–
|
293
|
–
|
–
|
Forfeited in the year
|
–
|
(343)
|
(247)
|
(182)
|
–
|
–
|
(263)
|
(541)
|
| At 2 September | ||||||||
2023
|
–
|
394
|
255
|
267
|
–
|
293
|
220
|
376
|
Granted in the year
|
978
|
–
|
–
|
–
|
567
|
–
|
–
|
–
|
|
Exercised in the
year
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
(283)
|
Forfeited in the year
|
–
|
–
|
(44)
|
(267)
|
(60)
|
(151)
|
(73)
|
(93)
|
At 31 August 2024
|
978
|
394
|
211
|
–
|
507
|
142
|
147
|
–
|
| Exercisable: | ||||||||
| At 2 September | ||||||||
2023
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
At 31 August 2024
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
| Weighted average | ||||||||
| (years): | ||||||||
| Remaining | ||||||||
contractual life
|
9.33/9.5
|
8.7/8.9
|
7
|
6
|
2.97
|
2.38
|
1.3
|
0.07
|
| Remaining | ||||||||
expected life
|
5.83/6.0
|
5.2/5.4
|
3.50
|
2.50
|
2.72
|
2.13
|
1.05
|
–
|
| 2024 | 2023 | |
| £’000 | £’000 | |
Deferred Bonus Share Plan 2023
|
5
|
–
|
Deferred Bonus Share Plan 2022
|
–
|
1
|
Long Term Incentive Plan January/March 2024
|
104
|
–
|
Long Term Incentive Plan May/August 2023
|
77
|
14
|
Long Term Incentive Plan December 2021
|
–
|
(120)
|
Long Term Incentive Plan November 2020
|
–
|
(79)
|
Share Save Scheme (3-Year Plan 2024)
|
47
|
–
|
Share Save Scheme (3-Year Plan 2023)
|
85
|
4
|
Share Save Scheme (3-Year Plan 2022)
|
26
|
32
|
Share Save Scheme (3-Year Plan 2021)
|
14
|
46
|
Share Save Scheme (3-Year Plan 2020)
|
–
|
10
|
358
|
(92)
|
| Long Term | Long Term | Long Term | Long Term | Share Save | Share Save | Share Save | Share Save | |
| Incentive Plan | Incentive Plan | Incentive Plan | Incentive Plan | Scheme | Scheme | Scheme | Scheme | |
| January/March | May/August | December | November | (3-Year Plan | (3-Year Plan | (3-Year Plan | (3-Year Plan | |
| 2024 | 2023 | 2021 | 2020 | 2024) | 2023) | 2022) | 2021) | |
| Number | Number | Number | Number | Number | Number | Number | Number | |
| ’000 | ’000 | ’000 | ’000 | ’000 | ’000 | ’000 | ’000 | |
| Outstanding: | ||||||||
| At 4 September | ||||||||
2022
|
–
|
–
|
298
|
316
|
–
|
–
|
31
|
140
|
Granted in the year
|
–
|
570
|
–
|
–
|
–
|
87
|
–
|
–
|
Forfeited in the year
|
–
|
(343)
|
(187)
|
(117)
|
–
|
–
|
(10)
|
(29)
|
| At 2 September | ||||||||
2023
|
–
|
227
|
111
|
199
|
–
|
87
|
21
|
111
|
Granted in the year
|
656
|
–
|
–
|
–
|
167
|
–
|
–
|
–
|
|
Exercised in the
year
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
(93)
|
Forfeited in the year
|
–
|
–
|
–
|
(199)
|
(34)
|
(48)
|
(7)
|
(18)
|
At 31 August 2024
|
656
|
227
|
111
|
–
|
133
|
39
|
14
|
–
|
| Exercisable: | ||||||||
| At 2 September | ||||||||
2023
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
At 31 August 2024
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
| Weighted average | ||||||||
| (years): | ||||||||
Remaining contractual life |
9.33/9.5 |
8.7/8.9
|
7
|
6
|
2.97
|
2.38
|
1.3
|
0.07
|
Remaining expected life |
5.83/6.0 |
5.2/5.4
|
3.50
|
2.50
|
2.72
|
2.13
|
1.05
|
–
|
| 2024 | 2023 | |
| £’000 | £’000 | |
Deferred Bonus Share Plan 2023
|
5
|
–
|
Deferred Bonus Share Plan 2022
|
–
|
1
|
Long Term Incentive Plan January/March 2024
|
54
|
–
|
Long Term Incentive Plan May/August 2023
|
23
|
8
|
Long Term Incentive Plan December 2021
|
–
|
(68)
|
Long Term Incentive Plan November 2020
|
–
|
(53)
|
Share Save Scheme (3-Year Plan 2024)
|
12
|
–
|
Share Save Scheme (3-Year Plan 2023)
|
28
|
1
|
Share Save Scheme (3-Year Plan 2022)
|
4
|
3
|
Share Save Scheme (3-Year Plan 2021)
|
–
|
10
|
Share Save Scheme (3-Year Plan 2020)
|
–
|
2
|
126
|
(96)
|
| 2024 | 2023 | |
| £’000 | £’000 | |
Long Term Incentive Plan January/March 2024
|
51
|
–
|
Long Term Incentive Plan August 2023
|
61
|
6
|
Share Save Scheme (3-Year Plan 2024)
|
25
|
–
|
Share Save Scheme (3-Year Plan 2023)
|
18
|
3
|
Share Save Scheme (3-Year Plan 2022)
|
34
|
28
|
Share Save Scheme (3-Year Plan 2021)
|
–
|
80
|
Total carrying amount of investments
|
189
|
117 |
Group
|
Company
|
|||
| 2023 | 2023 | |||
| 2024 |
(restated)
1
|
2024 |
(restated)
2
|
|
| £’000 | £’000 | £’000 | £’000 | |
(Loss)/profit for the year from continuing operations
|
(4,489)
|
(844)
|
(7,354)
|
28,972
|
| Adjustments for: | ||||
Tax
|
(1,974)
|
72
|
(1,931)
|
(504)
|
Tax credit in respect of R&D
|
(116)
|
(82)
|
–
|
–
|
Dividends received from subsidiaries
|
–
|
–
|
–
|
(3,958)
|
Dividends received from joint ventures
|
–
|
–
|
(845)
|
–
|
Depreciation of property, plant and equipment
|
1,264
|
1,515
|
32
|
30
|
Depreciation of right-of-use assets
|
327
|
387
|
71
|
127
|
Depreciation of investment property
|
67
|
67
|
–
|
–
|
Intangible asset amortisation
|
93
|
493
|
–
|
–
|
Goodwill and other intangible assets impairment and amounts written off
|
229
|
2,019
|
–
|
–
|
Property, plant and equipment impairment
|
1,906
|
–
|
–
|
–
|
Right-of-use assets impairment
|
63
|
–
|
–
|
–
|
Loss on fair value measurement less costs to sell
|
720
|
–
|
–
|
–
|
Loss/(profit) on disposal of property, plant and equipment
|
9
|
(88)
|
–
|
–
|
(Profit)/loss on disposal of right-of-use assets
|
(13)
|
3
|
(20)
|
–
|
Profit on disposal of investment property
|
(154)
|
–
|
–
|
–
|
Gain on disposal of subsidiary and associate
|
–
|
–
|
– |
(29,502)
|
Impairment of subsidiary
|
–
|
–
|
1,593
|
–
|
Net fair value charge/(credit) on share-based payments
|
164
|
(82)
|
126
|
(96)
|
Other non-cash adjustments
|
(347)
|
(835)
|
722
|
1,777
|
| Finance costs: | ||||
Interest income
|
(1,013)
|
(814)
|
(2,643)
|
(2,840)
|
Interest expense and borrowing costs
|
712
|
771
|
465
|
530
|
Share of results of joint ventures
|
(1,374)
|
(1,441)
|
–
|
–
|
IAS 19 income statement credit in respect of employer contributions
|
–
|
(400)
|
–
|
(400)
|
| IAS 19 income statement charge (excluding interest): | ||||
Past service cost (note 28)
|
2,900
|
–
|
2,900
|
–
|
Administrative expenses (note 28)
|
477
|
166
|
477
|
166
|
| Changes in working capital: | ||||
Decrease in inventories
|
2,982
|
772
|
–
|
–
|
Decrease/(increase) in receivables
|
84
|
527
|
404
|
(1,289)
|
Increase/(decrease) in payables
|
140
|
(4,358)
|
(10)
|
(745)
|
Cash generated from/(used in) continuing operations
|
2,657
|
(2,152)
|
(6,013)
|
( 7,732 )
|
| Other | Transferred to | |||||
| At 3 September | non-cash | Exchange | assets/liabilities of | At 31 August | ||
| 2023 | Cash flow | changes | movements | disposal group | 2024 | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Cash and cash equivalents
|
23,123
|
(4,403)
|
–
|
(204)
|
(4,802)
|
13,714
|
Bank overdrafts
|
(12,354)
|
1,768
|
–
|
–
|
7,916
|
(2,670)
|
10,769
|
(2,635)
|
–
|
(204)
|
3,114
|
11,044
|
|
| Loans and other borrowings: | ||||||
– Current
|
(1,360)
|
863
|
–
|
(7)
|
410
|
(94)
|
– Non-current
|
(5,206)
|
2,340
|
(32)
|
(15)
|
–
|
(2,913)
|
Net cash
|
4,203
|
568
|
(32)
|
(226)
|
3,524
|
8,037
|
| Leases: | ||||||
– Current
|
(1,264)
|
–
|
(160)
|
–
|
1,157
|
(267)
|
– Non-current
|
(5,559)
|
1,475
|
(3,333)
|
20
|
6,948
|
(449)
|
Leases
|
(6,823)
|
1,475
|
(3,493)
|
20
|
8,105
|
(716)
|
Net cash and leases
|
(2,620)
|
2,043
|
(3,525)
|
(206)
|
11,629
|
7,321
|
| Other | |||||
| At 4 September | non-cash | Exchange | At 2 September | ||
| 2022 | Cash flow | changes | movements | 2023 | |
| Group | £'000 | £'000 | £'000 | £'000 | £'000 |
Cash and cash equivalents
|
22,515
|
662
|
–
|
(54)
|
23,123
|
Bank overdrafts
|
(9,734)
|
(2,620)
|
–
|
–
|
(12,354)
|
12,781
|
(1,958)
|
–
|
(54)
|
10,769
|
|
| Loans and other borrowings: | |||||
– Current
|
(3,000)
|
1,698
|
(48)
|
(10)
|
(1,360)
|
– Non-current
|
(23,805)
|
18,732
|
(8)
|
(125)
|
(5,206)
|
Net (debt)/cash
|
(14,024)
|
18,472
|
(56)
|
(189)
|
4,203
|
| Leases: | |||||
– Current
|
(1,416)
|
–
|
152
|
–
|
(1,264)
|
– Non-current
|
(6,128)
|
1,545
|
(1,006)
|
30
|
(5,559)
|
Leases
|
(7,5 4 4)
|
1,545
|
(854)
|
30
|
(6,823)
|
Net (debt)/cash and leases
|
(21,568)
|
20,017
|
(910)
|
(159)
|
(2,620)
|
| Other | |||||
| At 3 September | non-cash | Exchange | At 31 August | ||
| 2023 | Cash flow | changes | movements | 2024 | |
| Company | £’000 | £’000 | £’000 | £’000 | £’000 |
Cash and cash equivalents
|
13,443
|
(5,813)
|
–
|
(23)
|
7,607
|
| Loans and other borrowings: | |||||
– Current
|
(2,125)
|
518
|
–
|
27
|
(1,580)
|
– Non-current
|
(4,697)
|
1,816
|
(32)
|
–
|
(2,913)
|
Net cash
|
6,621
|
(3,479)
|
(32)
|
4
|
3,114
|
| Leases: | |||||
– Current
|
(126)
|
–
|
77
|
–
|
(49)
|
– Non-current
|
(167)
|
61
|
(12)
|
–
|
(118)
|
Leases
|
(293)
|
61
|
65
|
–
|
(167)
|
Net cash and leases
|
6,328
|
(3,418)
|
33
|
4
|
2,947
|
| Other | |||||
| At 4 September | non-cash | Exchange | At 2 September | ||
| 2022 | Cash flow | changes | movements | 2023 | |
| Company | £'000 | £'000 | £'000 | £'000 | £'000 |
Cash and cash equivalents
|
12,726
|
783
|
–
|
(66)
|
13,443
|
| Loans and other borrowings: | |||||
– Current
|
(1,413)
|
(700)
|
(48)
|
36
|
(2,125)
|
– Non-current
|
(22,757)
|
18,200
|
(8)
|
(132)
|
(4,697)
|
Net (debt)/cash
|
(11,444)
|
18,283
|
(56)
|
(162)
|
6,621
|
| Leases: | |||||
– Current
|
(113)
|
–
|
(13)
|
–
|
(126)
|
– Non-current
|
(231)
|
123
|
(59)
|
–
|
(167)
|
Leases
|
(344)
|
123
|
(72)
|
–
|
(293)
|
Net (debt)/cash and leases
|
(11,788)
|
18,406
|
(128)
|
(162)
|
6,328
|
Group
|
Company
|
|||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
| Cash flows from cash and cash equivalents less bank overdrafts | ||||
in tables above
|
(2,635)
|
(1,958)
|
(5,813)
|
783
|
New financing and drawdowns on RCF
|
–
|
(5,574)
|
–
|
(4,741)
|
Repayment of RCF drawdowns
|
1,816
|
21,741
|
1,816
|
21,741
|
Lease principal repayments
|
322
|
367
|
61
|
123
|
Repayment of borrowings
|
863
|
2,400
|
–
|
2,400
|
Receipt of loans from subsidiaries
|
–
|
–
|
–
|
(2,500)
|
Repayment of loans from subsidiaries
|
–
|
–
|
518
|
600
|
Cash from financing activities in discontinued operations
|
1,677
|
12,640
|
–
|
–
|
| Cash from financing activities in discontinued operations (previously | ||||
recognised in FY23 Report and Accounts)
|
–
|
(9,599)
|
–
|
–
|
Cash flows from net cash and leases per tables above
|
2,043
|
20,017
|
(3,418)
|
18,406 |
| 2024 | 2023 | |
| Group | £’000 | £’000 |
| Capital expenditure that has been contracted for but has not been provided for in the accounts: | ||
Property, plant and equipment
|
–
|
1,636
|
Right-of-use assets
|
701
|
–
|
701
|
1,636
|
| Company | ||
| 2023 | ||
| 2024 |
(restated)
1
|
|
| £’000 | £’000 | |
| Balances reported in the Balance Sheet | ||
| Amounts owed by subsidiary undertakings: | ||
Non-current loans receivable
|
32,389
|
32,797
|
Other receivables
|
4,303
|
3,959
|
36,692
|
36,756
|
|
| Amounts owed to subsidiary undertakings: | ||
Current loans payable
|
(1,580)
|
(2,125)
|
Other payables
|
(914)
|
(809)
|
(2,494)
|
(2,934)
|
|
| Transactions reported in the Income Statement | ||
Management charges receivable
|
2,794
|
2,708
|
Dividends receivable
|
–
|
3,957
|
Interest receivable
|
1,682
|
2,067
|
Group
|
Company
|
|||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
| Transactions reported in the Income Statement (continuing operations) | ||||
Revenue
|
–
|
37
|
–
|
–
|
Rental income
|
–
|
3
|
–
|
–
|
Management charges receivable
|
–
|
18
|
–
|
18
|
Group
|
Company
|
|||
| 2024 | 2023 | 2024 | 2023 | |
| £’000 | £’000 | £’000 | £’000 | |
| Balances reported in the Balance Sheet | ||||
| Amounts owed by joint ventures: | ||||
Trade and other receivables
|
204
|
15
|
–
|
2
|
204
|
15
|
–
|
2
|
|
| Amounts owed to joint ventures: | ||||
Trade and other payables
|
(20)
|
(44)
|
–
|
–
|
(20)
|
(44)
|
–
|
–
|
|
| Transactions reported in the Income Statement (continuing operations) | ||||
Revenue
|
929
|
337
|
–
|
–
|
Management charges receivable
|
60
|
67
|
–
|
–
|
Dividends receivable
|
–
|
–
|
845
|
–
|
Purchases
|
(400)
|
(465)
|
–
|
–
|
| Restatement | ||||
| 2 September | in respect of | Restatement | ||
| 2023 (previously | previously netted | in respect of | 2 September 2023 | |
| reported) | amounts | packaging | (restated) | |
| £’000 | £’000 | £’000 | £’000 | |
| Income Statement | ||||
Revenue
|
80,903
|
599
|
313
|
81,815
|
Cost of sales
|
(66,629)
|
(599)
|
(313)
|
(67, 5 41 )
|
| 2 September | Restatement | ||
| 2023 (previously | in respect of | 2 September 2023 | |
| reported) | packaging | (restated) | |
| £’000 | £’000 | £’000 | |
| Balance Sheet | |||
Trade and other receivables
|
24,592
|
2,302
|
26,894
|
Current assets
|
86,138
|
2,302
|
88,440
|
Total assets
|
160,021
|
2,302
|
162,323
|
Trade and other payables
|
(16,556)
|
(2,302)
|
(18,858)
|
Current liabilities
|
(36,863)
|
(2,302)
|
(39,165)
|
Total liabilities
|
(52,146)
|
(2,302)
|
(54,448)
|
| 3 September | Restatement | ||
| 2022 (previously | in respect of | 3 September 2022 | |
| reported) | packaging | (restated) | |
| £’000 | £’000 | £’000 | |
| Balance Sheet | |||
Trade and other receivables
|
19,015
|
2,541
|
21,556
|
Current assets
|
224,339
|
2,541
|
226,880
|
Total assets
|
307,561
|
2,541
|
310,102
|
Trade and other payables
|
(21,000)
|
(2,541)
|
(23,541)
|
Current liabilities
|
(139,915)
|
(2,541)
|
(142,456)
|
Total liabilities
|
(175,232)
|
(2,541)
|
(177,773) |